With all eyes on gold getting back to the $1,300 level and talk of bitcoin headed towards $10,000 – traders might have forgotten that there is one commodity that has already achieved this feat. Back in 2008, rhodium - the lesser talked about metal of the platinum metals space (PGMs) hit $10,000 on the back of an electricity crunch in South Africa, the largest producer of the metal. The metal eventually came way back to below $1,000 an ounce and has acted as a sitting duck for much of the time…until now. On Friday, spot rhodium rallied $40 and hit $1,200 an ounce, nearly doubling its gains since the start of the year. The rare metal is up nearly 70% year-to-date or $485 an ounce, with prices rebounding from lows of $575 last seen in July 2016. Because the market is so small compared to the other metals, rhodium’s moves can be drastic and volatile, explained Peter Hug, global trading director for Kitco Metals. From 2003-2008, the metal surged almost 23-fold when it hit that record $10,000. (show less)

With all eyes on gold getting back to the $1,300 level and talk of bitcoin headed towards $10,000 – traders might have forgotten that there is one commodity that has already achieved this feat. Back in 2008, rhodium - the lesser talked about metal of the platinum metals space (PGMs) hit $10,000 on the back of an electricity crunch in South Africa, the largest producer of the metal. The metal eventually came way back to below $1,000 an ounce and has acted as a ... (read more)

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For Pete's Sake!

From the latest market-making swings to the forward-looking important events that could impact the markets, For Pete's Sake with Peter Hug breaks down the news. He reviews the latest information coming out of North America, Europe and Asia to help you decide how to play the week. Tune in every week to get his key price ranges for gold and find out why he hates to talk about the Fed.

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